In a major announcement, steel mill company Siders unveiled plans to invest $300 million in setting up a cutting-edge plant in San Nicolás, Buenos Aires. This move comes after TGS announced new projects stimulated by the Large Investment Incentive Scheme that is proposed in the Bases Law awaiting discussion in Congress. The new steel mill will primarily supply the local market with construction iron, with a three-year timeline for completion and a $100 million investment in imported technology and $200 million in national production.
Sidersa company executives disclosed the investment during a meeting at the Palacio de Hacienda with government officials. The plan is expected to create 300 quality direct jobs and 3,500 indirect jobs in sectors such as scrap metal collection and construction, aligned with the proposed Large Investment Incentive Regime (RIGI) designed to boost the private sector. The RIGI aims to incentivize investments of $200 million with benefits like fiscal stability for 30 years, tax exemptions, and customs and fiscal advantages.
With a plant in San Nicolás, Sidersa is a prominent player in the steel and metallurgical market in Argentina. The company, which is a major client of Ternium, offers steel products to clients in various sectors. The new project is set to generate 360,000 tons of construction iron annually and aims to promote local production chains and ensure supply. It is expected that 30% of the production will be exported, equivalent to $100 million annually.
The project will incorporate state-of-the-art technology with a focus on sustainability and environmental care. By reducing CO2 emissions and becoming a leader in quality standards, the plant aims to be a unique facility in Latin America. This investment represents a significant boost to the local community in terms of job creation and educational opportunities related to the steel industry. This initiative comes at a time when other steel companies in the region are facing challenges due to decreased demand in various sectors.
The new steel mill project will have positive effects on both local communities and businesses alike by creating jobs and providing access to high-quality products at competitive prices. With this investment, Sidersa demonstrates its commitment to sustainable development while also contributing significantly to Argentina’s economy.
In conclusion, Siders’ announcement of its plan to invest $30
